Commonwealth act

Asian Development Fund Act 1987

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

178 of 1987

Collection

act

Plain English Summary

2/10 complexity

This Act authorises the Australian Government to contribute up to $410 million to the Asian Development Bank specifically for its Asian Development Fund.

The Asian Development Fund provides low-interest loans and grants to poorer countries in the Asia-Pacific region to help build infrastructure and reduce poverty.

How it works:

The Minister notifies the Bank that Australia intends to make the contribution
The Treasurer can issue promissory notes (government IOUs) to the Bank to cover the payments. These notes:
- Cannot be sold to anyone else (non-negotiable)
- Don't earn interest
- Must be paid when the Bank requests them
All money comes from the Consolidated Revenue Fund (Australia's main government bank account), which this law automatically authorises to make these payments

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Current sections

Direct links to the current provisions in Asian Development Fund Act 1987.

Asian Development Fund Act 1987

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Asian Development Fund Act 1987

No. 178 of 1987

An Act to authorise a further contribution by Australia to the Asian Development Bank for the purposes of the Asian Development Fund

[Assented to 26 December 1987]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

This Act may be cited as the Asian Development Fund Act 1987.

Commencement

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Interpretation

3. In this Act:

“Bank” means the Asian Development Bank.

Contribution to Asian Development Fund

The Minister may, on behalf of Australia, notify the Bank of the intention of Australia to contribute to the Bank, for the purposes of the Asian Development Fund, amounts not exceeding in the aggregate $410,000,000.

Issue of promissory notes

(1) For the purposes of the payment of the contribution notified by the Minister under section 4, the Treasurer may, on behalf of the Commonwealth, execute and issue to the Bank promissory notes.

(2) A promissory note issued under subsection (1):

(a) shall be payable to the Bank;

(b) shall be non-negotiable and non-interest-bearing; and

Appropriation

6. The money necessary for the purpose of making any payment that is to be made by Australia in pursuance of a notification under section 4, including a payment under a promissory note issued under section 5, shall be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.

[Minister’s second reading speech made in—

House of Representatives on 19 November 1987

Senate on 26 November 1987]

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Asian Development Fund Act 1987

Asian Development Fund Act 1987

No. 178 of 1987

An Act to authorise a further contribution by Australia to the Asian Development Bank for the purposes of the Asian Development Fund

[Assented to 26 December 1987]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

This Act may be cited as the Asian Development Fund Act 1987.

Commencement

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Interpretation

3. In this Act:

“Bank” means the Asian Development Bank.

Contribution to Asian Development Fund

The Minister may, on behalf of Australia, notify the Bank of the intention of Australia to contribute to the Bank, for the purposes of the Asian Development Fund, amounts not exceeding in the aggregate $410,000,000.

Issue of promissory notes

(1) For the purposes of the payment of the contribution notified by the Minister under section 4, the Treasurer may, on behalf of the Commonwealth, execute and issue to the Bank promissory notes.

(2) A promissory note issued under subsection (1):

(a) shall be payable to the Bank;

(b) shall be non-negotiable and non-interest-bearing; and

Appropriation

[Minister’s second reading speech made in—

House of Representatives on 19 November 1987

Senate on 26 November 1987]